To link to the entire object, paste this link in email, IM or documentTo embed the entire object, paste this HTML in websiteTo link to this page, paste this link in email, IM or documentTo embed this page, paste this HTML in website

CHAPTER 187 Session Laws - 1989
;.,•,..-.. bank. ^ "--..-. -:.: . ..,.:-,v..-. -.rl'. :':,:. ::,r.-;V' " ''T'O
(9) Unimpaired Capital Fund. — The term 'unimpaired capital
fund' means the total of the amount of unimpaired common
stock, preferred stock, surplus, undivided profits, reserve
for contingencies and other capital reserves (excluding
, .; accrued dividends on preferred stock and limited life
;je • preferred stock), mandatory convertible instruments,
allowance for possible loan losses, and the amount of
'.
; . capital debentures or notes, convertible or otherwise,
- having an average original maturity of at least seven years,
which have been specifically designated as part of the
bank's unimpaired capital fund by resolution duly adopted
;
. . by the board of directors of the bank: provided, that upon
;, payment of such capital debentures or notes or upon
accumulation of funds in a sinking fund for amortization of
such debentures or notes, unimpaired capital fund shall be
reduced by the amount of such payment or accumulation.
The terms and conditions of any issue of or prepayment of
( , capital debentures or notes must have the prior written
approval of the Commissioner of Banks affirming that in
his opinion such issue or prepayment is in the best interest
of the depositors, creditors and stockholders of the bank."
Sec. 2. G.S. 53-2 reads as rewritten:
" § 53-2. How incorporated.
Any number of persons, not less than five, who may be desirous of
forming a company and engaging in the business of establishing,
maintaining, and operating banks of discount and deposit to be known
as commercial banks, or operating banks engaged in doing a trust and
fiduciary business, shall be incorporated in the manner following and
in no other way; that is to say, such persons shall, by a certificate of
incorporation under their hands and seals set forth:
(1) The name of the corporation; no name shall be used
already in use by another existing corporation organized
under the laws of this State or of the Congress, or so
nearly similar thereto as to lead to uncertainty or
confusion.
(2) The location of its principal office in this State.
(3) The nature of its business, whether that of a commercial
bank, trust company, or a combination of both such classes
of business
;
business.
(4) The amount of its authorized common capital stock, the
number of shares into which it is divided, the par value of
each share; and the amount of common capital stock with
which it will commence business, business, which shall not
412

CHAPTER 187 Session Laws - 1989
;.,•,..-.. bank. ^ "--..-. -:.: . ..,.:-,v..-. -.rl'. :':,:. ::,r.-;V' " ''T'O
(9) Unimpaired Capital Fund. — The term 'unimpaired capital
fund' means the total of the amount of unimpaired common
stock, preferred stock, surplus, undivided profits, reserve
for contingencies and other capital reserves (excluding
, .; accrued dividends on preferred stock and limited life
;je • preferred stock), mandatory convertible instruments,
allowance for possible loan losses, and the amount of
'.
; . capital debentures or notes, convertible or otherwise,
- having an average original maturity of at least seven years,
which have been specifically designated as part of the
bank's unimpaired capital fund by resolution duly adopted
;
. . by the board of directors of the bank: provided, that upon
;, payment of such capital debentures or notes or upon
accumulation of funds in a sinking fund for amortization of
such debentures or notes, unimpaired capital fund shall be
reduced by the amount of such payment or accumulation.
The terms and conditions of any issue of or prepayment of
( , capital debentures or notes must have the prior written
approval of the Commissioner of Banks affirming that in
his opinion such issue or prepayment is in the best interest
of the depositors, creditors and stockholders of the bank."
Sec. 2. G.S. 53-2 reads as rewritten:
" § 53-2. How incorporated.
Any number of persons, not less than five, who may be desirous of
forming a company and engaging in the business of establishing,
maintaining, and operating banks of discount and deposit to be known
as commercial banks, or operating banks engaged in doing a trust and
fiduciary business, shall be incorporated in the manner following and
in no other way; that is to say, such persons shall, by a certificate of
incorporation under their hands and seals set forth:
(1) The name of the corporation; no name shall be used
already in use by another existing corporation organized
under the laws of this State or of the Congress, or so
nearly similar thereto as to lead to uncertainty or
confusion.
(2) The location of its principal office in this State.
(3) The nature of its business, whether that of a commercial
bank, trust company, or a combination of both such classes
of business
;
business.
(4) The amount of its authorized common capital stock, the
number of shares into which it is divided, the par value of
each share; and the amount of common capital stock with
which it will commence business, business, which shall not
412